(1) It's similar to the velocity of turnover in the stock. A company with 100,000,000 shares outstanding that averages 1,000,000 shares traded per day has a "1% daily turnover". After 100 days, 100,000,000 shares have been traded, the entire floating supply. (2) A year or two ago, there was a guy in one of the popular trading magazines who said that time interval has "significance". (3) You could keep a running total of a company's trading volume and see if the time interval it takes to trade its float corresponds to major turning points in its stock.
Ya look up the "Steve Woods" Float indicator. No attempt to code this technique systematically has resulted in any edge in the market. But looking at the float turnover channels visually can create a bit of an edge on entry and exits.